LAVAL—As Valeant Pharmaceuticals International Inc.’s new chair and CEO, Joseph Papa, prepares for his first general meeting at the head of Canada’s troubled pharma giant, the company continues to pour money into its Canadian base.
Following a pair of multimillion-dollar announcements earlier this month, the drug maker has said it plans to invest an additional $17 million in its Steinbach, Man. and Laval, Que. plants—bringing the total new investment in the two pharma plants to nearly $30 million.
Valeant will dedicate its latest $10 million investment in its Laval plant and headquarters to modernizing the facility with enhanced technology to boost security of its products as they are shipped worldwide. The $7 million investment in Steinbach will also go toward upgrading these security measures—which Valeant said will keep it compliant will U.S. regulatory requirements.
Meanwhile, the company’s management faces a tough task as it works to assure investors it can manage debt and end a stock slide that has erased billions of dollars of value.